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1. • Stabilize oil prices

     • OPEC+ member nations have agreed to extend their voluntary cuts to crude oil production through the second quarter, the group announced Sunday. The move is a part of the group’s perpetual balancing act to stabilize oil prices by reducing supply.
     www.cnn.com/2024/03/03/business/opec-crude-oil-production/index.html

     OPEC+ members extend oil output cuts to Q2 | CNN Business

2. www.reuters.com › business › energyWhy did OPEC cut oil production? Key reasons explained

   www.reuters.com › business › energy

   Apr 3, 2023 · Here are the main reasons why OPEC+ is cutting output: CONCERNS ABOUT WEAK GLOBAL DEMAND. Saudi Arabia has said voluntary output cuts of 1.66 million bpd on top of the existing 2 million bpd...

   • Explainer: Why is OPEC+ cutting oil output? | Reuters

     Here are the main reasons why OPEC+ cut output: CONCERNS...

3. www.firstpost.com › explainers › explained-the-mainExplained: Why OPEC+ is reducing oil output and what it means ...

   www.firstpost.com › explainers › explained-the-main

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   Jun 6, 2023 · The Organisation of the Petroleum Exporting Countries and allies including Russia will continue oil output cuts as prices remain unchanged. On Sunday, the group of oil-producing countries, known as OPEC+, reached a unanimous decision to extend the ongoing oil production curbs.

4. Videos

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     cnbc.com

     Here's why the OPEC+ output cuts took the industry by surprise

     Nov 9, 2024

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     2:15

     youtube.com

     Here's why the OPEC+ output cuts took the industry by surprise

     Apr 3, 2023

     4.4K Views

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     youtube.com

     OPEC+: Riyadh to reduce oil output, others to extend previous cuts

     Jun 4, 2023

     1.3K Views

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5. www.reuters.com › business › energyExplainer: Why is OPEC+ cutting oil output? | Reuters

   www.reuters.com › business › energy

   Jun 5, 2023 · Here are the main reasons why OPEC+ cut output: CONCERNS ABOUT WEAK GLOBAL DEMAND. Data from China has aroused fears that the economic recovery after coronavirus lockdowns by world's...

6. www.bbc.com › news › business-61188579Opec: What is it and what is happening to oil prices? - BBC

   www.bbc.com › news › business-61188579

   Jun 5, 2023 · Other members of the oil producers' group Opec+ agreed to keep their output levels unchanged, having made cuts of more than one million barrels a day last April.

7. www.ft.com › content › c95db701-5d1d-4020-a897-9bWhy Opec+ is cutting oil output now - Financial Times

   www.ft.com › content › c95db701-5d1d-4020-a897-9b

   Apr 3, 2023 · The Opec+ group has shocked oil markets by announcing a surprise production cut of more than 1mn barrels a day, boosting the oil price and raising tensions with western allies.

8. www.theglobeandmail.com › business › industry-newsWhy is OPEC+ cutting oil output? - The Globe and Mail

   www.theglobeandmail.com › business › industry-news

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   Jun 5, 2023 · Here are the main reasons why OPEC+ cut output: Concerns about weak global demand. Data from China has aroused fears that the economic recovery after coronavirus lockdowns by...

9. People also ask

   Why did OPEC+ cut output?

   • The changes, however, included lowered targets for Russia, Nigeria and Angola simply to bring them into line with current production levels. Here are the main reasons why OPEC+ cut output: Data from China has aroused fears that the economic recovery after coronavirus lockdowns by world's second-largest oil consumer is losing steam.

   Explainer: Why is OPEC+ cutting oil output? | Reuters

   www.reuters.com/business/energy/why-is-opec-cutting-oil-output-2023-06-05/

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   How has OPEC+ impacted oil prices?

   • This has left OPEC+ maintaining output cuts for longer than it had thought. The group has cut output by 5.86 million barrels per day, or about 5.7% of global demand, in a series of steps agreed since 2022 to support the market. Despite OPEC+'s cuts and delays to output hikes, oil prices have mostly stayed in the $70-$80 per barrel range this year.

   Analysis-OPEC+ May Stick With Deep Oil Cuts for Longer Due to Weak …

   money.usnews.com/investing/news/articles/2024-11-20/analysis-opec-may-stick-with-deep-oil-cuts-for-longer-due-to-weak-demand

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   Why is OPEC+ cutting oil output?

   • Saudi Arabia's voluntary cut of one million barrels a day comes into effect in July. It follows a cut of 1.16 million barrels a day in April, which was voluntarily undertaken by eight members of Opec+, and a group-wide cut of two million barrels a day in October 2022.

   Opec: What is it and what is happening to oil prices? - BBC

   www.bbc.com/news/business-61188579

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   How does OPEC+ work?

   • Together, Opec+ countries produce about 40% of all the world's crude oil. "Opec+ tailors supply and demand to balance the market," says Kate Dourian, of the Energy Institute. "It keeps prices high by lowering supplies when the demand for oil slumps." The organisation can also lower prices by putting more oil into the market.

   Opec: What is it and what is happening to oil prices? - BBC

   www.bbc.com/news/business-61188579

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   Will OPEC+ be able to increase oil output in December?

   • REUTERS/Leonhard Foeger/File Photo By Alex Lawler, Ahmad Ghaddar and Robert Harvey LONDON (Reuters) - OPEC+ will have little room to manoeuvre on oil policy when it meets in December: it would be risky to increase output because of weak demand, and difficult to deepen supply cuts because some members want to pump more, sources and analysts said.

   Analysis-OPEC+ May Stick With Deep Oil Cuts for Longer Due to Weak …

   money.usnews.com/investing/news/articles/2024-11-20/analysis-opec-may-stick-with-deep-oil-cuts-for-longer-due-to-weak-demand

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   Will OPEC+ cuts drive tensions with consuming countries?

   • Russia, the world’s third-biggest oil producer, is targeting production of around 9.5 million bpd until the end of the year and 9.3 million bpd next year. Additional cuts from OPEC+ could drive tensions with leading consuming nations that are trying to fight inflation. Washington called OPEC+’s action in April inadvisable.

   Explained: Why OPEC+ is reducing oil output and what it means for the …

   www.firstpost.com/explainers/explained-the-main-reasons-why-opec-is-reducing-oil-output-12696242.html

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10. money.usnews.com › investing › newsAnalysis-OPEC+ May Stick With Deep Oil Cuts for Longer Due to ...

    money.usnews.com › investing › news

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    1 day ago · The group has cut output by 5.86 million barrels per day, or about 5.7% of global demand, in a series of steps agreed since 2022 to support the market. Despite OPEC+'s cuts and delays to output ...